Taxes
How can a person increase their net worth, financial stability, future opportunities, AND reduce their taxes with one move?
How can a person increase their net worth, financial stability, future opportunities, AND reduce their taxes with one move?
Invest in a Traditional retirement plan (401k, 403b, 457, or TSP) at work. When this money goes in, you will reduce your taxable income in that year, saving you taxes on your federal and state returns (if you have a state income tax).
Focus on stocks and specifically an index stock mutual fund when selecting your investment(s) within the plan. This appreciating asset will grow over time, increasing your net worth gradually over time. Financial freedom to follow!